Based on a letter to clients over the weekend, it appears Dutch megabank ABN Amro is changing its precious metals custodian rules and “will no longer allow physical delivery.” Have no fear, they reassuringly add, your account will be settled at the bid or offer price in the ‘market’ and “you need to do nothing” as “we have your investments in precious metals.”

Via Google Translate,

Changes in the handling of orders in bullion

On 1 April 2013,. ABN AMRO to another custodian for the precious metals gold, silver, platinum and palladium. This we your investments in precious metals otherwise handle and administer. In this letter you can read more about it.

Silver is trading at $30.37/oz, €24.36/oz and £19.25/oz. Platinum is trading at $1,541.00/oz, palladium at $642.50/oz and rhodium at $1,025/oz.

Gold climbed $14.60 or 0.88% in New York yesterday and closed at $1,669.40. Silver surged to a high at $30.81 and finished with a gain of 2.28%. The precious metals have broken out this week with sharp gains being seen in all four precious metals.

Silver as expected led the gains and surged 8.55% in the week, palladium is up 6%, platinum 5% and gold up 3%.

Currency Ranked Returns – (Bloomberg)

Gold gave back some gains on Friday but it’s still set for its biggest weekly rise in more than 2 months due to the very strong fundamentals.

Tories call in Mounties over mint’s missing millions

Canada’s money-makers can’t find tens of millions in precious metals that are shown on the books

Employees work June 8, 2009 at the Royal Canadian Mint in Ottawa, where there are worries security could have been breached following the revelation that a large amount of precious metals recorded on the books is missing. The mint uses gold, silver, platinum and palladium in its operations.

OTTAWA – The federal government has asked the RCMP to launch an investigation into the tens of millions worth of precious metals that have gone missing from the Royal Canadian Mint.

The announcement comes after an external audit was launched to reconcile the mint’s records with the physical stock of metals.

And it comes after the Star revealed today that the value of the missing metal was worth more than $10 million.

“I think we are all very concerned,” said Rob Merrifield, minister of state for transport, the department responsible for the mint.

Merrifield said he “instructed” mint staff today to call in the Mounties to assist with the ongoing audit, which has been under way since early March.